MTN Nigeria Set to Acquire Jim Ovia’s Visafone


Nigeria – MTN has begin the process of buying Jim Ovia’s Visafone Communications of Nigeria in a bid to expand its market in the country, Bloomberg reports.

MTN, Africa’s biggest mobile phone company, has been exploring acquisitions as it seeks to boost revenue from data outside South Africa, where Vodacom Group has more subscribers.

Lagos-based Visafone is a wireless network provider founded in 2007 by Jim Ovia, a Nigerian businessman who also created Zenith Bank. MTN had 59.9 million subscribers in Nigeria at the end of 2014, more than a quarter of its 223m total across 22 countries.

Visafone had about 2.2m customers as of  December, according to data compiled by the Nigerian communications commission.

“We will send a holding statement at the appropriate time,” Funmilayo Onajide, an MTN spokesperson said yesterday.
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